Top 9 Current Trends in Blockchain Technology to Follow in 2024

The emerging trends in blockchain promise greater decentralization, enhanced data security, and increased online freedom. The market is also experiencing unprecedented expansion – from a value of $17.57 billion in 2023, projections suggest it could surge to $469.49 billion by 2030!

While many still primarily link blockchain to cryptocurrencies, its applications now stretch across various industries. Both established and emerging blockchain trends have found roles in e-commerce, finance, healthcare, transport, supply chain management, and more.

Softermii has compiled a list of the latest blockchain trends in 2024. We will also draw on our first-hand experience to illustrate these trends, sharing key learnings from developing FinTech solution Extobit and NFT marketplace Radiant.

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How Is the Blockchain Technology Market Growing?

This technology awaits even more investment in the hundreds of billions of dollars. The blockchain market will show an average annual growth rate of 59.9% in the forecast period from 2023 to 2030.

Another encouraging news is that the European Union has made multibillion-dollar investments in blockchain technology.

Since blockchain technology remains the most common in the financial services industry (FSI), we propose considering its most typical use cases. Most financial institutions use the blockchain as a basis for launching digital currencies, but the technology is also employed for secure data exchange and digital identification.

Top 9 Growing Blockchain Technology Trends for 2024

Blockchain is more than the foundation for cryptocurrencies like Bitcoin. You can use this innovation for other purposes as well. So, let's look at the main blockchain technology trends in 2024.

Central Bank Digital Currencies (CBDC)

One of the latest trends in blockchain technology is the adoption of digital currencies by central banks of different countries. This tendency implies that banks will create digital coins analogous to fiat money.

According to the recent stats, 130 countries have already shown interest in the CBDC. The following factors influence this interest: virtual money is more cost-effective than cash, CBDCs offer lower transaction fees, and digital currencies can promote financial inclusion.

NFT Boom

Non-fungible tokens, or NFTs, started gaining momentum in 2021. These tokens will also remain relevant in the future and among popular blockchain industry trends. They've evolved into a means for artists to generate vast amounts of money at auctions by providing their digital works of art in exchange.

This new trend has found a response in the gaming, fashion, and art industries. Consider, for example, that digital artist Pak's Merge collection was sold for over $90 million back in 2021. In 2024, it remains the most expensive NFT artwork sold.

Metaverse

Metaverse should become a virtual world that will provide its users with unforgettable digital experiences. And, of course, this world cannot exist without blockchain. Therefore, the more popular the metaverse is, the more relevant this technology remains.

The blockchain market will show an average annual growth rate of 59.9% in the forecast period from 2023 to 2030.

Blockchain-as-a-Service (BaaS)

BaaS is one of the leading blockchain technology trends for 2024. Companies like Microsoft and Amazon have already implemented it. Blockchain-as-a-service will act as a cloud service where users can create digital products using blockchain fundamentals.

For instance, Cello is a platform consisting of tools and applications that facilitate the creation of digital products based on blockchain.

Blockchain to Enhance Social Networking

In 2023, there were around 4.94 billion social network users globally. Using blockchain on social networks will help solve inherent problems such as privacy breaches, data control, or content authenticity. That is why this technology is a future trend in social networking.

Blockchain in E-commerce

The e-commerce industry has been actively involved in blockchain technologies. These innovations help improve supply chain management and provide customer data protection. Another blockchain technology trend in e-commerce is the digital identification of users.

An example of recent developments in blockchain technology in e-commerce is the Fluz app. It is a platform that allows users to receive cash back for purchases in their favorite stores. Blockchain helps this company record the gift card spending and the growth of its social networks.

Blockchain in Real Estate

Blockchain trends in real estate include various applications, from investor and tenant identification to asset and property management. With this innovation in blockchain, companies can increase data accessibility and ensure their transparency, boosting the efficiency of work processes by automating them.

Blockchain in FinTech

The financial sector is the industry most impacted by blockchain technology. Among the recent trends are the tokenization of assets and the launch of digital currencies. But also prominent applications include data security and the use of smart contracts.

Blockchain has every chance to revolutionize the traditional financial system. Transactions will require no intermediaries owing to peer-to-peer networks, the speed of transfers will increase significantly, and the blockchain will ensure the transparency of financial operations.

Blockchain in Healthcare

Data protection is crucial in healthcare. That is why blockchain technology is in great demand here. But, medical record security is not the only blockchain trend in healthcare. This technology also helps establish drug supply chains.

The blockchain may also serve to verify the educational credentials of health professionals. For example, the US company ProCredEx has launched such a service based on the R3 Corda blockchain protocol.

The blockchain market experiences unprecedented growth from $17.57 billion in 2023 to $469.49 billion by 2030.

Is Blockchain the Future?

Blockchain remains a critical element of the next technological revolution due to its numerous advantages. Its applications have expanded beyond cryptocurrencies and are now prevalent in healthcare, publishing, insurance, and many other sectors.

The emergence of green initiatives, the benefits of NFT platform development, and the metaverse are among the biggest blockchain trends for 2024 and the future trends in blockchain technology. These breakthroughs signify that blockchain is here to stay.

Incorporating innovative tools such as digital assets, enterprise blockchains, and quantum computing across relevant industries has the potential to transform the current tech world. If you're looking for ways of adapting blockchain to your business, you should find a reliable partner experienced in the latest technologies. Softermii offers blockchain services for multiple industries of various complexity implementations and usage methods.

Our Experience in Blockchain Software Development

Softermii has all the expertise and skills to apply blockchain tech trends to your product. We will demonstrate this using our Extobit and Radiant projects as examples.

ExtoBit

Extobit is an American web-based cryptocurrency exchange. Our team has integrated such essential features as exchange rates, market trends, statistics, and advanced security standards into this platform.

Challenges faced by Softermii:

• The need for a user-friendly UI/UX that is understandable even by beginners
• The necessity of advanced analytics for experienced traders
• The need for a secure cloud infrastructure to handle high loads
• The requirement to divide the backend into several isolated applications to increase security
• The need to create several separate web apps for end-users and administrators and an API application for an exchange platform

Solutions found by our team:

• Our designers have created an accessible interface with a straightforward user experience. We estimated that exchanging crypto for beginners takes less than 2 minutes.
• Our developers have found effective methods of synchronizing data between multiple isolated backend applications, thus protecting the transmitted information from hacking and other malicious interference.
• Our business analysts have helped determine what third-party integrations Extobit needs. As a result, advanced tools such as portfolio management, risk forecasting, and market and asset analysis have appeared on the platform.
• Our developers used the C# programming language to develop individual web applications for end-users and admins and the API app for exchange purposes.
• Our team used MS SQL Server for databases and ASP.NET for the backend.

As a result, Extobit has achieved significant success. The platform attracted more than 20,000 users a month after launch, and two months later, users made more than 84,000 exchanges. And it took Extobit only four months to reach the break-even point.

In 2023, there were around 4.94 billion social network users globally.

Radiant

Radiant is an NFT marketplace with minting features, world map tours, and audio discussion rooms.

Challenges

To create an NFT marketplace so that consumers and content creators can earn money while interacting with the application

Technical solution: Scalable 3D model reconstruction with image navigation in the point cloud, teleportation between worlds feature, and Strapi CMS to build smooth integrations with IoT devices.

Results

App users can store their NFTs in catalogs, teleport within the app to share their experiences, and explore tours inside the clouds. 38,000 users downloaded the app during the first six months after the release.

Final Thoughts

The blockchain industry continues to evolve at breakneck speed, with applications now extending far beyond cryptocurrency. Healthcare, fintech, e-commerce, supply chain management, and real estate businesses are all tapping into its potential.

The immutable and transparent nature of blockchain builds trust while also optimizing workflows. Companies are appreciating these capabilities in areas like data reliability and cybersecurity.

Some of the biggest emerging blockchain trends include a surge in green initiatives, the exponential growth of NFTs, the expansion of the metaverse, and the rise of Blockchain-as-a-Service models.

If you want to build a blockchain-based solution, the Softermii team has the skills and experience to turn ideas into reality. Contact us to discuss how we can help transform your business using the latest blockchain trends.

Do you want to take advantage of blockchain technology? Then don't hesitate to contact us to start your journey to success!